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Preheat oven to 350 degrees. Grease and flour three 8-inch cake pans.
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In the bowl of your mixer, beat together butter, oil, and sugar until pale and fluffy (2-3 minutes). Scrape down sides of bowl and add eggs, one at a time, beating thoroughly before each addition. Stir in vanilla extract.
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In a separate bowl, whisk together the remaining dry ingredients.
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Gradually alternate adding the dry mixture and the eggnog to the butter/egg mixture (3 flour additions, 2 eggnog additions), mixing only until just combined. After all ingredients have been added, stir batter a few more times with a wooden spoon or spatula.
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Evenly spoon batter into prepared pans. Bake cakes for 25-27 minutes or until a toothpick is inserted in the center and comes out clean. Cool cakes in pans for 10 minutes then invert onto a cooling rack to cool completely.